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Agreement between the Government of the Republic of Belarus and Government of the Russian Federation on provision to the Republic of Belarus of public credit

of December 20, 2007

The government of the Republic of Belarus and the Government of the Russian Federation which are hereinafter referred to as with the Parties

proceeding from the Memorandum of present stage of development of economic cooperation between the Republic of Belarus and the Russian Federation of December 14, 2007,

agreed as follows:

Article 1

The Russian side grants to the Belarusian Side public credit in the amount 1500 million US dollars.

Article 2

The public credit is granted by the Russian Side according to the procedure, established by the legislation of the Russian Federation, on condition of accomplishment of obligations by the Belarusian Side on interest payment and repayment of principal debt on earlier granted public credits.

Article 3

Means of the public credit granted according to this agreement on condition of accomplishment of provisions of Article 2 of this agreement by the Belarusian Side are listed by the Russian Side till December 31, 2007 into the currency account (in dale ENT specialists of the USA) the Ministries of Finance of the Republic of Belarus in National Bank of the Republic of Belarus. Date of use of public credit date of transfer of borrowing facilities on correspondent account of National Bank of the Republic of Belarus is considered.

Article 4

The Belarusian Side repays the utilized public credit granted according to this agreement, way of money transfer in US dollars 40 equal quarterly shares on February 15, on May 15, on August 15 and on November 15 every year and the first payment will be made on February 15, 2013, and the last - on November 15, 2022.

Article 5

1. The Belarusian Side pays to the Russian Side for use of public credit percent on LIBOR rate for 3-month deposits in US dollars plus margin in the amount of annual interest rate 0,75.

LIBOR rate for 3-month deposits in US dollars is understood as the rate for 3-month deposits in US dollars in the London interbank market as of the first day of the corresponding period of charge of percent published on the LIBOR 01 page by the Reuters agency.

2. Percent on public credit are charged from the date of its use and paid by the Belarusian Side in US dollars on February 15, on May 15, on August 15 and on November 15 every year, at the same time the last interest payment is made along with afterbirth by it payment in repayment of principal debt.

3. Percent on public credit are charged for the actual number of the days of its use which expired in 365-day year (base 365/365).

Article 6

1. If any payment in repayment of principal debt and (or) interest payment, specified in Articles 4 and 5 of this agreement, is not made in the corresponding payment date established by these Articles, this debt appears overdue and on it percent on LIBOR rate for 3-month deposits in US dollars plus margin in the amount of 2 annual interest rates are charged from the moment of emergence of overdue debt before date of complete repayment of this debt inclusive.

2. If the delay of payments according to any obligations of the Belarusian Side on the public credits granted by the Russian Side will exceed 180 days, the Russian Side has the right to announce all debt remaining outstanding under this agreement urgent to repayment and to this debt percent on the rate specified in Item 1 of this Article will be charged.

Article 7

1. All amounts which are subject to payment by the Belarusian Side according to this agreement shall not be encumbered with any taxes and shall be paid without any restrictions, deductions, withdrawals or compensation deduction.

2. In case of implementation by the Belarusian Side only of part of payments on due for settlement debt the amounts arriving for benefit of the Russian Side are used in the following priority: on interest payment, added on overdue debt; on interest payment, added under this agreement; on repayment of overdue debt on principal debt; on repayment of principal debt.

Article 8

1. The National Bank of the Republic of Belarus and the "Bank of Times of Twisting and Foreign Economic Activity (Vnesheconombank)" state corporation are authorized agents according to the Belarusian Side and the Russian Side.

2. The accounting treatment and calculations is under this agreement established by the agreement between National Bank of the Republic of Belarus and the "Development Bank and Foreign Economic Activity (Vnesheconombank)" state corporation.

Article 9

Disputes and disagreements between the Parties concerning application and interpretation of this agreement are solved by carrying out consultations and negotiations between the Parties.

Article 10

This agreement becomes effective from signature date and is effective until all obligations following from its provisions are not executed.

It is made in Moscow on December 20, 2007 in duplicate in Russian.

 

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